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Callaway Posts Record Q1 Revenues

APRIL 23, 2004 -- Callaway Golf Co, reported record Q1 revenues of $364 million. Net income was $41 million, and fully diluted EPS of $0.59. Reported net income and earnings per share were affected by $3 million and $0.05, respectively, due to charges associated with the integration of the Top-Flite operations. Excluding these charges, the pro forma net income was $44 million, an increase of 3% and a record Q1 for the company, and pro forma fully diluted earnings per share were $0.64, the same as the prior year.

Reported net sales of $364 million included $297 million from core Callaway Golf and Odyssey branded products, an increase of 9% for these products and a record for any quarter in its history. Reported net sales also included $67 million from newly acquired Top-Flite and Ben Hogan branded products.

Reported net income of $41 million included $43 million from Callaway Golf and Odyssey branded products, an increase of 2% over the prior year. Reported net income also included $551,000 from Top-Flite and Ben Hogan branded products and $3 million in integration charges.

Reported fully diluted earnings per share of $0.59 included $0.63 from Callaway Golf and Odyssey branded products as compared to $0.64 for the comparable period in the prior year. Reported fully diluted earnings per share also included $0.01 from Top-Flite and Ben Hogan branded products and $0.05 in integration charges.

"I am very pleased with our results for the first quarter, with record net sales and net income in our core Callaway Golf business," said Ron Drapeau, COB/CEO. "In turn, we increased our investment in programs directed at achieving our operational objectives of eliminating the losses from the Callaway Golf ball business, growing our woods business and restructuring the Top-Flite Golf operations. We made progress on all fronts. In our consolidated results you would find that Callaway Golf branded golf ball sales increased $14 million, or 100%, over the prior year and delivered a profit for the quarter; sales of Callaway Golf branded woods increased $30 million dollars, or 32%, over the prior year; and Top-Flite, excluding integration charges, was profitable. We are very pleased to be hitting our major goals so early in the year; and remain on track to hit our overall growth targets for 2004."




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